Final report on the guarantees as CCP collateral and CCP investment policy
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ESMA presents the final draft RTS amending Delegated Regulation 153/2013 to specify the conditions under which central counterparties (CCPs) may accept public and bank guarantees as collateral, following the permanent extension introduced by EMIR 3. It also includes targeted changes to CCP investment policy.
Key points
- Under EMIR 3, all non-financial counterparties, whether clearing members or clients, can post uncollateralised public and commercial bank guarantees.
- Concentration limits, credit quality requirements and wrong-way risk requirements are set.
- Changes to the liquidity criteria for debt instruments and to the highly secured arrangements for margins and default fund contributions.
Who is affected
EU CCPs, clearing members and non-financial counterparties (for example energy firms) using cleared derivatives.
Deadlines
Submitted to the Commission, which has three months to adopt it; then a non-objection period for Parliament and Council.
Plain-language version
ESMA, the EU's stock market watchdog, has spelled out when clearing houses, which stand in the middle of a trade to make sure both sides pay, can accept bank or government guarantees as collateral instead of cash or securities. This helps, for example, energy companies that use derivatives. Limits are set so the clearing house does not take on too much risk.
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